Viewpoint
Insights and opinions from key FIA staff
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Viewpoint – Responding to the European energy crisis, as a community
As we enter the colder months at the end of the year, natural gas prices around the world remain incredibly volatile after hitting record highs recently. This is particularly the case in Europe, where I recently visited policymakers in Brussels and Paris with FIA board members. In our conversations, the energy crisis crowded out every other issue on our agenda – and with good reason.
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Viewpoint – Major questions doctrine and implications for US derivatives markets
The US Supreme Court rarely opines on policy matters related to derivatives. From time to time, however, one of its decisions has such profound effects on our understanding of the law that everyone involved in policy matters related to derivatives needs to understand the implications. The Supreme Court's recent decision in West Virginia v EPA is one such decision, writes FIA's Allison Lurton.
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Viewpoint – Digital assets are the topic in DC this summer
Chair Debbie Stabenow (D-MI) of the Senate Agriculture Committee and Ranking Member John Boozman (R-AR) introduced the Digital Commodities Consumer Protection Act of 2022 last week. This much-anticipated legislation would give the Commodity Futures Trading Commission (CFTC) new tools and authorities to regulate the cash digital asset commodity market while leaving the regulation of digital assets that are deemed securities to the US Securities and Exchange Commission (SEC).
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Viewpoint – Influential People to Watch in 2022
Over the last few months, FIA President and CEO Walt Lukken has had the pleasure of connecting with many key policymakers who are in the thick of major initiatives impacting the future of our markets, especially in the areas of energy, climate, and digital assets. These will be some of the key individuals to watch as the agenda develops for our markets globally.
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Viewpoint - Playing the long game
Let's set aside the specifics of the FTX proposal for a moment and broaden our lens to what is happening. There is a larger trend impacting the financial services community where technology is revolutionizing the infrastructure of our markets, particularly resolving risk management and settlement.
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Viewpoint - Getting margin right
When derivatives markets become more volatile, everyone agrees that margin requirements must go up. But how much higher? Set margins too high, and trading becomes too expensive. Set margins too low, and traders take too much risk. It's the Goldilocks problem – margin needs to be just right.
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Viewpoint – Stronger together at Boca
After three years away, Boca exceeded my expectations. Nothing was going to dissuade our industry from getting back together in 2022. Last week, FIA welcomed nearly 1,100 delegates to Boca, matching our pre-pandemic numbers for conference attendees. We also saw record sponsorships, thanks to many traditional partners and some first timers who see our industry as strategically attractive.
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Viewpoint – Sending some love to the FCM community
FCMs are tremendously important to vibrant and safe cleared derivatives markets, and the global economy as a whole. They connect customers to our markets – particularly commercial end-users and hedgers – to provide liquidity and assist with price discovery.
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Viewpoint – Our heads in the clouds
I am struck by the enormous change that seemed to happen under our noses in our capital and risk markets—mostly driven by disruptive technology and the convergence of big tech and Wall Street.
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Viewpoint – A new focus on operations and standards
FIA has embarked on an initiative to assess the lessons we learned from the March 2020 volatility, and to develop a strategy to improve and modernize our settlement workflow.
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